Reimagining Family Office Reporting With Sage Intacct and KnowLedger

Managing a family office’s finances is exponentially challenging when dealing with multiple clients with unique needs. Before developing workflows within an accounting system or leveraging user-defined books and dimensions, as provided by software like Sage Intacct, it’s essential to the family office’s financial management that all requirements and goals are fully understood and ultimately represented. 

That’s exactly what Anne Costello, Managing Consultant in CrossCountry Consulting’s Sage Intacct practice, and Ryan Kerry, CEO of KnowLedger, an accounting translation platform that integrates with Sage Intacct, set out to address in a recent demonstration. 

Family office reporting made easier

Explored in the video are the workflows of three different fictional clients based on very real scenarios, each with different reporting requirements.

In all three cases, user-defined books are leveraged to successfully strengthen and configure investment reporting, better capture specialized adjustments, and enrich investment data models, among other powerful use cases available with a Sage Intacct-KnowLedger integration.

Sage Intacct dimensions are configured to suit specific client reporting needs. For example:

  • Clients can track investments using the Department, Class, or Item dimension.
  • Dimensions can be renamed for more specific tracking, such as renaming “Department” for Principle versus Income.
  • The Department field is used when management wants to restrict user access to investment information.
  • The Item field is used when adding a transaction approval workflow for transactions such as capital calls.
  • The Class field might be used in combination with the Department field for reporting and approvals.
  • The Location encases investments into their native trusts and legal entities. 

Pairing Sage Intacct with middleware like KnowLedger automates data migration between various sources and enriches data further for greater clarity, insights, and accuracy. View the full video above for more information on how both platforms facilitate family office investment reporting, or contact CrossCountry Consulting today for best-in-class financial management support.